Azure Power won projects with 100 MW solar power capacity which were recently put up for auction by NTPC Limited, India's largest power generation company. The auction is part of the National Solar Mission. The projects will be built in the Andhra Pradesh solar park, where NTPC has auctioned a total capacity of 1000 MW of solar power projects. With this win, Azure Power maintains its strong track record of winning projects under every phase of National Solar Mission policy.
Although ten companies participated in the online reverse auction, Azure Power secured 100 MW of the total 150 MW capacity auctioned off. The tariff on the project will be INR 5.12/ kWh, almost 11% higher than the first two auctions priced in the same solar park. The first two auctions in the Andhra Pradesh solar park were won by Sun Edison and Soft Bank at a tariff of INR. 4.63/ kWh. This auction of 150 MW capacity was set for projects using solar cells and modules manufactured in India to promote the government of India's “Make in India” campaign.
Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, "With this win, we have once again demonstrated our strong project development capabilities. We are proud to have successfully brought down the cost of solar power by almost 71% from INR 17.91 /kWh in 2009 to INR 5.12/kWh in this project."
"We are also delighted to make this contribution towards realization of our Honorable Prime Minister's commitment towards clean and green energy, through solar power generation," he added.
Azure Power has been among the most active participants in several solar power auctions since the launch of solar power market in India. In June this year, Azure Power commissioned the largest solar power project under the National Solar Mission, a 100 MW plant in Rajasthan. Recently, the company also secured 150 MW capacity under an auction of the state of Punjab. Azure Power secured the rights to develop the capacity at a bid of Rs 5.63/kWh.
